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Auto Loan Rates Michigan November 2022

November 29, 2022

Current auto loan rates from all lenders nationwide. Our data for auto loan rates comes directly from the bank and or lender, our data is provided in the utmost unbiased methods. A auto loan is a financial option for your vehicle. Click here or scroll down to see the rate comparison table.


Auto Loan Rates in Michigan are as low as 4.0% for top-rated borrowers with excellent credit. But even if you have a perfect credit score, getting an auto loan in Michigan isn't easy. There are many lending institutions to choose from and all of them have different auto loan rates and terms. Finding the best car loan in Michigan is going to depend on your personal financial situation and the type of car loan you need. Auto Loan Rates in Michigan are as low as 4.0% for top-rated borrowers with excellent credit. Even if you have a perfect credit score, getting an auto loan in Michigan isn't easy. There are many lending institutions to choose from and all of them have different auto loan rates and terms. Finding the best car loan in Michigan is going to depend on your personal financial situation and the type of car loan you need...

What is the Best Car Loan in Michigan for Bad Credit?

If you have bad credit, your auto loan will be higher, costlier, and more difficult to obtain than for somebody with good credit. If your credit score is less than 600, you will have a very hard time getting any type of auto financing. Even if you find a lender that will extend you credit, the interest rates on your loan will be very high. Depending on the severity of your credit issues, your interest rate could be as high as 26%! Fortunately, there are options available for bad credit auto financing. You'll just have to be prepared to jump through a few extra hoops and accept a few higher rates. You should first try to improve your credit score. There are a few things you can do to do this. First, pay off any past due bills. This will improve your score the fastest. Next, try to get a credit card and make a few small purchases with it each month. Having a small balance on your card and paying it off will help you build your credit. You should also try to get a co-signer for your loan. This will let you borrow money even with bad credit. Your co-signer will be responsible for making your payments if you can't.

What is the Best Car Loan in Michigan for Good Credit?

Lenders will give you the best auto loan rates if you have good credit. This doesn't mean that you'll be able to get an insanely low interest rate. But if your credit score is 700 or above, you'll have a decent selection of lenders and terms. Credit scores range from 300 to 850. A score of 700 or above is considered good. You'll usually have your choice of lenders and terms. You can calculate your auto loan rate here. Start by putting in the type of loan you want and the amount you want to borrow. Then, you can select your credit score and enter your current income and debt. Auto loan rates vary by lender, but you can get a general idea of what you should expect from these calculators.

What is The Best Auto Loans in Michigan for New Cars?

If you're going to buy a new car and finance it, you'll probably want to look for a manufacturer-backed loan. These loans almost always come with the lowest rates. Banks and credit unions also offer low rates. But if you want a manufacturer-backed loan, you can expect to see lower rates. There are also a few subprime lenders that specialize in lending to people with low credit scores. You can expect to pay a very high interest rate if you go with one of these subprime lenders. All the same, if you're looking for the best auto loan rates, you'll want to use a bank or credit union. The rates you'll get with a subprime lender will be much higher.

What is the The Best Auto Loans in Michigan for Used Cars?

If you're buying a used car and financing it, you're likely to pay higher rates than if you were buying a new car. This is because banks and credit unions take more risk when you buy used. They know that the car is more likely to break down, be stolen, or become unsellable. As a result, they charge more interest. You'll also have fewer options to choose from. Many banks won't offer auto loans for used cars. Car dealers offer financing, but the rates are very high. You can save a lot of money by financing your car through a bank or credit union.

What is the The Best Auto Loans in Michigan with a down payment?

If you can make a significant down payment, you'll lower your interest rate. Lenders will see that as a sign that you're a serious buyer. They'll feel more comfortable loaning you money. The general rule of thumb is that you should put down at least 20%. The lower the down payment you make, the higher your interest rate will be. The best auto loan rates with a down payment will come from banks and credit unions. You'll get lower rates with a traditional lender.

Finding the best car loan in Michigan

You're going to have to shop around for a car loan. This means you'll have to start with a selection of lenders from which you can choose. You can start your search with our list of the best auto loan rates in Michigan. Then, you can narrow your selection based on your personal financial situation and the type of loan you want. This will help you find the best car loan in Michigan.



Auto loan rates comparison table

Lender

Est. Payment

Starting APR

Term

Est. Fees

Sun Trust

Sun Trust

$886

5.99%

24

$1,264

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Sun Trust

Sun Trust

$608

5.99%

36

$1,888

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US Bank

US Bank

$621

7.36%

36

$2,356

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Penfed Credit Union

Penfed Credit Union

$602

5.24%

36

$1,672

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MyAutoLoan.com

MyAutoLoan.com

$590

3.99%

36

$1,240

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Sun Trust

Sun Trust

$470

5.99%

48

$2,560

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Penfed Credit Union

Penfed Credit Union

$465

5.49%

48

$2,320

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Bank of America

Bank of America

$379

5.19%

60

$2,740

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Sun Trust

Sun Trust

$392

6.59%

60

$3,520

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Penfed Credit Union

Penfed Credit Union

$382

5.54%

60

$2,920

Apply Now

MyAutoLoan.com

MyAutoLoan.com

$366

3.69%

60

$1,960

Apply Now

Sun Trust

Sun Trust

$347

7.59%

72

$4,984

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Penfed Credit Union

Penfed Credit Union

$330

5.84%

72

$3,760

Apply Now

MyAutoLoan.com

MyAutoLoan.com

$312

3.89%

72

$2,464

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Penfed Credit Union

Penfed Credit Union

$302

7.04%

84

$5,368

Apply Now

MyAutoLoan.com

MyAutoLoan.com

$275

4.19%

84

$3,100

Apply Now



* Rates and fees are based on an average $20,000 loan with good credit.